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In the current year, Niles, an individual, has 70,000 of ordinary income, a Net Short...

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Accounting

In the current year, Niles, an individual, has 70,000 of ordinary income, a Net Short Term Capital Loss (NSTCL) of 20,000 and a Net Long Term Capital Gain (NLTCG) of 4,200. From his capital gains and losses, Niles reports:

Question 14 options:

an offset against ordinary income of $3,000 and a NSTCL carry-forward of $12,800

an offset against ordinary income of $3,000 and a NSTCL carry-forward of $4,200

an offset against ordinary income of $3,000 and a NSTCL carry-forward of $15,800

an offset against ordinary income of $20,000

an offset against ordinary income of $20,000 and NLTCG of 4,200

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